My neighborhood's spring garage sale was last month. It seemed to go well. And by well, I mean that none of our neighbors put out anything to sell so the hubby and I were spared the early morning hubbub of junk browsers.
But summer is a prime time to clean out closets and garages and wherever else you stash stuff that you don't use and try to make a few bucks.
Jean Murray looks at this annual (or more often) ritual in a recent About.com U.S. Business Law/Taxes article. I am pleased she cited my discussion of capital gains and selling items for less than you paid.
The bottom line is that you won't owe Uncle Sam anything for the cash you pick up at your garage sale.
But as Jean notes, be sure to check with your local and state officials as to whether you need permits or must collect and pay sales taxes on any used items you unload.
- Are garage sale proceeds taxable?
- Taxes on garage sale earnings
- Taxes on garage sale proceeds
- Garage sale taxes in Texas
- Yard sale yearnings
- State Tax Departments
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